Fund / IBIT example / Relationship map
The retail exit is not the basket-redemption route.
IBIT example · based on the prospectus version below, not a rule for every fund or jurisdiction.
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01 / Holder
IBIT shares
An interest in the trust.
Sale order
02 / Dependency
Broker & market
Sell shares if an order executes.
Trade settlement
03 / Outcome
Cash proceeds
Subject to settlement and account terms; not BTC delivery.
Read in order. A dashed box marks a dependency, not a risk score. Arrows explain a relationship; they are not live transfers.
A retail shareholding does not provide the fund’s Bitcoin signing keys.
- 01 / Asset or claim
- Shares representing a beneficial interest in the trust’s net assets.
- 02 / Who signs?
- Custodians hold bitcoin for the trust; a share is not a wallet key.
- 03 / Exit route
- Retail holders can sell shares on the market. Only Authorized Participants can redeem baskets, in bitcoin or cash under the prospectus.
- 04 / What must cooperate?
- Broker access, market execution and settlement for a sale; separate eligibility and processes for basket redemption.
- 05 / What this map cannot establish
- This is not an assessment of a particular brokerage account, execution price, tax treatment or current custodian balances. Later amendments may change terms.